What started out as a pretty predictable budget a tough economic backdrop, increased debt and a baying crowd, the Chancellor had little room for manoeuver. The Chancellor's speech lasted 54 minutes during which time backbenchers from both sides were asked a number of times to hold back their panto-esque heckling by the Deputy Speaker of the House.

The real surprise of the day was the new £2,000 Employment Allowance (possibly a more generous version of the NIC holiday?).

However, what turned out to be the real surprise of the day happened in the House of Lords post Budget when the Chancellor (new to twitter today) was probably sitting at home planning his next tweet … they [the House of Lords] blocked the new Employee Shareholder status when they voted against the  Government's Growth & Infrastructure Bill. Dissent from the home team with the Former Tory cabinet minister Lord Forsyth labelling the scheme "ill-thought through, confused and muddled" – ouch!

So the question is, did the chaos of last year's Budget stir up a hornets' nest which ultimately resulted in him getting the willies, causing him to play it safe today?

If you want to know the detail of what happened I would encourage you to have a sneak preview of the news analysis items from TolleyGuidance below. We'll be writing more over the coming days and don't forget to put the 28 th in your diary as the Finance Bill will out!

Also, around 12noon on the 21 st March we will be adding a piece from Tax Journal to the links below which gives an overview of the entire budget along with comments from various experts in the industry so if you are visiting us before then, then please do remember to check back later to read that.

As ever, the team require a huge thanks for pulling these together.

Night night, I'm going home now.

Anita Harwood CTA, ATT
Practice Area Director – Tax
Tolley - LexisNexis

(1:30am – 21/03/13)

Download the full guidance note - Personal Tax

Download the full guidance note - Owner-Managed Businesses

Download the full guidance note - VAT

Download the full guidance note - Indirect Tax

Download the full guidance note - Corporate Tax

Download the full guidance note - IHT, Trusts & Estates

Download the full guidance note - Employment Taxes

Download Tax Journal's Budget summary

Download Tax Journal's Q&A with Chris Sanger from E&Y

Download Tolley CPD Seminars documentation

Download Tolley Seminars Online notes - Personal Tax

Download Tolley Seminars Online notes - Employment Tax

Download Tolley Seminars Online notes - Pensions

Download Tolley Seminars Online notes - Business Tax